LONGUEUIL, QC, June 10, 2019 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX) ("Héroux-Devtek" or the "Corporation"), the world's third-largest landing gear manufacturer, today announced that it has concluded the acquisition of all the outstanding shares of Montreal-based Alta Precision Inc., a manufacturer of high-precision landing gear components. The transaction, which is subject to final purchase price adjustments, is valued at $23 million and was funded through the Corporation's credit facilities.
Héroux-Devtek, with its head office in Longueuil, Québec, has 1,960 employees around the world, of which approximately 800 are located in Québec following the acquisition of Alta Precision Inc. Since its inception in 1942, Héroux-Devtek has grown from a small repair and overhaul facility to a world-class supplier of landing gear and actuation systems, delivering on major platforms such as the Boeing 777 and 777X. This acquisition, along with those of CESA, Beaver and Tekalia announced over the last year, strengthen its leadership position around the world.
"The acquisition of Alta Precision Inc. expands our portfolio of commercial products by providing both access to new programs and additional content on existing platforms. It also comes with the backlog and manufacturing capacity necessary to grow the existing business", said Martin Brassard, President & CEO of Héroux-Devtek.
"We would like to welcome the Alta Precision Inc. employees and its president Guillermo Alonso who will join the growing Héroux-Devtek team. Together, we are confident in our ability to add value to Alta Precision Inc.'s operations and meet growing demand for our world-class landing gear offering", added Martin Brassard.
"We are delighted to join Héroux-Devtek, a leading landing gear manufacturer for the global aerospace industry. With its growing customer base in North America and Europe, we will play a strong role in accelerating the growth of the corporation," said Guillermo Alonso, President of Alta Precision Inc.
Founded in 1980, Alta Precision Inc. is a privately owned company which operates a state-of-the-art 72,000 square foot facility located in Montreal, Québec. The company has approximately $18 million in annual revenues and employs 110 highly skilled personnel. Alta Precision Inc. manufactures complex landing gear components and assemblies for large customers such as Embraer, Safran, Liebherr and the United States Air Force. Alta Precision's strong backlog is comprised mainly of commercial aircraft landing gear components for the new E-2 and Airbus A-220 programs and for the Boeing 787 and Airbus A-350, two recent and growing commercial platforms.
PROFILE
Héroux-Devtek Inc. (TSX: HRX) is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical flight control actuators, custom ball screws and fracture-critical components for the Aerospace market. The Corporation is the third-largest landing gear company worldwide, supplying both the commercial and defence sectors. Approximately 90% of the Corporation's sales are outside of Canada, including about 50% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in Canada, the United States, the United Kingdom and Spain.
SOURCE Héroux-Devtek Inc.
Héroux-Devtek Inc.: Stéphane Arsenault, Vice-President and Chief Financial Officer, Tel.: (450) 679-3330; Investor Relations: Danielle Ste-Marie, Ste-Marie Strategy & Communications Inc., Mobile : (514) 465-6701, [email protected]
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